Report: Apple Pay In Canada This Fall

(RTTNews) - Apple Inc. is planning to launch its mobile payments service, Apple Pay, in Canada this fall, the Wall Street Journal reported Friday, citing people familiar with the matter.

The Cupertino, California-based company is in talks with Canada's six biggest banks - Royal Bank of Canada, Toronto-Dominion Bank, Bank of Nova Scotia, Bank of Montreal, Canadian Imperial Bank of Commerce and National Bank of Canada - about a potential November launch of the service which would enable mobile payments for both credit and debit cards using iPhones and the forthcoming Apple Watch, the Journal quoted the people as saying.

The banks are open to an agreement, but they are not happy with Apple's fee proposals and are concerned about security vulnerabilities like the ones that U.S. banks experienced as they rolled out the service, the people told the Journal.

At this stage, it is still uncertain whether all six banks will launch Apple Pay at the same time because talks are ongoing, the Journal said.

The launch of Apple Pay in Canada would mark the beginning of international expansion of the service. Apple Pay was introduced in the U.S. in October.

Apple Pay lets users make payments using the iPhone 6, iPhone 6 Plus, Apple Watch-compatible devices, iPad Air 2, and iPad Mini 3. Apple Pay does not require Apple-specific contactless payment terminals and will work with Visa's PayWave, MasterCard's PayPass, and American Express's ExpressPay terminals.

Apple has been trying to launch Apple Pay in China, but has been unsuccessful in convincing banks to agree to its fees. European banks are also in negotiations to support Apple Pay, but deals have not been finalized.